How do Closing Costs Work?

"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Sellers and buyers usually negotiate these closing costs.

As you'll see below, many of the costs result from getting your mortgage loan. Since BeneGroup, Inc. has extensive experience with mortgages and closings, we can help you understand your closing costs.

Loan Estimates (LEs)

Soon after you submit your application, we'll provide you with the "Loan Estimate" of your costs. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.

Below is a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Loan-related costs
• Points — lower your interest rate (optional)
• Appraisal Costs
• Getting Your Credit Report
• Interest Payment
• Escrow Fees
• Taxes

Property Taxes

• Transfer Taxes & Recording Fees
• Insurance

Homeowners Insurance

• Title Insurance
• Flood / Earthquake Insurance
• Private Mortgage Insurance (PMI)

BeneGroup, Inc. can answer questions about these closing costs. Call us: 4083956018.